KARACHI: The Directorate General of Customs Valuation revised the customs value of natural raw rubber Latex Centrifuged 60% DRC through Valuation Ruling No: 1056/2017 under Section 25-A of the Customs Act, 1969.
According to details, customs values of Latex were circulated vide letter No. 30 dated 16-08-2016. Certain importers have requested to convert the same in a Valuation Ruling. An exercise was conducted to determine Customs values of Latex in line with current price trend in the international market.
Stakeholders’ meeting was scheduled on 27-02-2017. All participants were requested to submit invoices of imports during last three months showing factual value, websites, names and E-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained, copies of contracts made/LCs opened during the last three months showing the value of item in question and copies of Sales Tax Invoices issued during last three months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
The meeting was attended by importers of natural raw rubber Latex Centrifuged 60% DRC and Synthetic Rubber Latex (SBR). The matter was discussed in detailed.
The importers of Synthetic Butadiene Rubber (SBR) Latex, who are mostly manufacturers of paper & paper products, explained that the same is imported in various grades and mode of packing i.e. in drums & IBC tanks and the values thereof varies significantly according to grade imported w mode of packing.
It was therefore decided that Valuation Ruling shall be issued for natural raw rubber Latex Centrifuged 60% DRC.
